Chapter Four: Foreign Market Entry Strategies Quiz
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Questions and Answers

What is the main focus of incipient markets?

  • Volume of the market
  • Emerging demand for certain products and services (correct)
  • Market evolution stages
  • Trends in recent growth rates
  • What can cause latent demand to exist in foreign markets?

  • Unavailability of certain products fulfilling the need of a substantial number of people (correct)
  • Substantial imports of goods
  • Lack of technological solutions for certain problems
  • Higher prices charged for certain goods
  • What activity is crucial to convert latent demand into 'ready demand'?

  • Undertaking market development activities (correct)
  • Assessing supply position of foreign countries
  • Studying consumption patterns of products
  • Fulfilling demand in domestic markets
  • Why are international marketers likely to be attracted to incipient markets?

    <p>They provide early signals for high market growth</p> Signup and view all the answers

    What is essential for international marketing managers to assess in order to fulfill demand in domestic and foreign markets?

    <p>Supply position of the foreign country and ability to acquire foreign goods and services</p> Signup and view all the answers

    What does servicing incipient demand involve?

    <p>Market development activities and threat of new entrants</p> Signup and view all the answers

    What are the two forms in which international marketing opportunities exist?

    <p>Unfulfilled demand in a foreign country and goods and services in foreign markets that can fulfill domestic demand</p> Signup and view all the answers

    What is the primary task of the managerial team when identifying international marketing opportunities?

    <p>Assess the nature of foreign market demand and the company's ability to serve that demand</p> Signup and view all the answers

    What should a company focus on when there is already existing demand for certain products and services in foreign countries?

    <p>Offer superior value to the customers to channel their preferences in favor of the company's offerings</p> Signup and view all the answers

    What are the indicators of international marketing opportunity according to the text?

    <p>Demand and supply situation for products in foreign countries, moderated by the international marketer's ability to effectively service those markets</p> Signup and view all the answers

    International marketing opportunities exist in the form of either unfulfilled demand in a foreign country or goods and services in domestic markets.

    <p>False</p> Signup and view all the answers

    The primary indicators of international marketing opportunity are the demand and supply situation for products in the domestic market.

    <p>False</p> Signup and view all the answers

    When there is already existing demand for certain products and services in foreign countries, the marketing task is to offer equal value to the customers.

    <p>False</p> Signup and view all the answers

    The managerial task is to assess the nature of domestic market demand and your company's ability to serve that demand when identifying international marketing opportunities.

    <p>False</p> Signup and view all the answers

    Latent demand may exist in foreign markets due to the lack of technological solutions for certain problems.

    <p>True</p> Signup and view all the answers

    Incipient demand usually corresponds with the declining stage of market evolution.

    <p>False</p> Signup and view all the answers

    Servicing incipient demand involves minimal market development activities.

    <p>False</p> Signup and view all the answers

    To benefit from latent markets, a company must study the needs and wants of people in foreign markets and be prepared to undertake market development activities.

    <p>True</p> Signup and view all the answers

    Existing demand in foreign countries can be visible through local shortage of goods, substantial exports, or lower prices charged for these goods in local markets.

    <p>False</p> Signup and view all the answers

    Marketers are likely to be attracted to incipient markets because they provide early signals for low market growth.

    <p>False</p> Signup and view all the answers

    Study Notes

    Incipient Markets

    • Focus on developing markets that show potential for growth and demand.
    • Often associated with the declining stage of market evolution where demand is emerging.

    Latent Demand in Foreign Markets

    • Exists due to a lack of technological solutions for specific issues.
    • Driven by unmet needs and wants of consumers that have not been addressed.

    Converting Latent Demand to 'Ready Demand'

    • Requires crucial market development activities to understand and engage with potential customers.
    • Assessment of consumer needs in foreign markets is vital.

    Attraction of International Marketers to Incipient Markets

    • Early signals of low market growth present opportunities for innovation and entry.
    • Potential for capturing market share before competitors.

    Assessment for Fulfilling Demand

    • International marketing managers must evaluate the nature of domestic demand and the company's capability to meet that demand.
    • Essential to address both domestic and foreign market requirements effectively.

    Servicing Incipient Demand

    • Involves minimal but strategic market development efforts to create awareness and availability.
    • Focused on establishing initial presence before scaling operations.

    Forms of International Marketing Opportunities

    • Exist in unfulfilled foreign demand for goods and services.
    • Also include domestic market products with potential for international expansion.

    Managerial Team's Role

    • Primary task is to identify and evaluate international marketing opportunities.
    • Critical analysis of demand and the company's ability to satisfy it is required.

    Existing Demand in Foreign Markets

    • Recognition of existing demand can be gauged through local shortages, significant export activities, or comparative pricing.
    • Essential to offer equal or greater value to customers in foreign markets.

    Indicators of International Marketing Opportunity

    • Demand and supply dynamics within the domestic market serve as primary indicators.
    • Continuous monitoring of these indicators helps identify emerging opportunities.

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    Description

    Test your knowledge of international market entry modes, analyzing international marketing, and indicators of international marketing opportunity with this quiz based on Chapter Four content. Explore the identification of unfulfilled demand in foreign markets and the recognition of goods and services to fulfill domestic demand.

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